If a product has a cost of $738 and a markup rate of $\$32\frac{1}{3}\%$ , what is the markup?

A) $\$249.07$
B) $\$238.62$
C) $\$236.16$
D) $\$263.18$
E) $\$246.00$

First, we need to convert the markup rate from a mixed number to a decimal:
$$\$32\frac{1}{3}\%=\frac{32\frac{1}{3}}{100}=\frac{97}{300}$$
Next, we can calculate the markup using the formula:
markup = cost $\times$ markup rate
markup = $738\times\frac{97}{300} \approx \$238.62$
Therefore, the answer is B.